IFRS Advisory Services

CDA Services

IFRS Advisory Services in Dubai, UAE

Offering IFRS advisory services in Dubai, UAE, CDA supports our clients to meet the IFRS reporting requirements, simplifying their accounting processes and improves their business efficiency and accountability. Our team of expert account and auditing professionals renders comprehensive services to assist our clients with all aspects of IFRS. CDA IFRS advisory services are tailor-made to meet the financial requirements and business needs of your company complying with the global IFRS standards.

IFRS Consulting

IFRS or International Financial Reporting Standards incorporates a set of accounting titles that decide how transactions and other accounting procedures are required to be entered in financial statements. It is steered when new-fangled or revised accounting standard is executed in any business from a particular time. CDA with sound knowledge and industry expertise in accounting, auditing, bookkeeping and IFRS consulting services help clients with hassle-free financial reporting activities in line with the IFRS standards.

Following the IFRS can add a lot of benefits to your organization, some of which are mentioned below: -

Brings transparent

It improves the international comparability and quality of financial information and enables investors to make up-to-date economic decisions.

Improves accountability

IFRS Standards reinforce the accountability by lowering the information gap between the providers of capital and the receivers of their money.

Brings efficiency

And IFRS Standards ensures economic efficiency by helping investors to recognize opportunities and risks across the world and improving capital allocation.

Increases the reliability over the financial statements

IFRS ensures accuracy in preparing the financial statements of a business. As a common belief, the preparers of the IFRS financial statement are honest and competent, and they follow the code of ethics and ask the preparer to be objective and truthful in their interpretation of the financial transactions, which will result in less fraudulent financial statements.

Helps VAT reporting

The UAE Commercial Companies Act 2015 was enacted to make IFRS compulsory for listed companies and LLC companies. So, the IFRS have a significant impact on VAT compliance in the UAE. It is therefore vital that your knowledge in VAT be supplemented with the key information for recognition of significant accounts in financial reporting. This will help companies comply with VAT regulations and easy and credible VAT filing.

Major International Financial Reporting Standards

The followings are some of the major International Financial Reporting Standards: -

Business Combinations shows accounting when an acquirer obtains control of business either on an acquisition or merger.

IFRS 5

Non-current Assets Held for Sale and Discontinued Operations establishes how to account for non-current assets held for sale or for distribution to owners.

IFRS 6

Exploration for and Evaluation of Mineral Resources allows entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs. It also modifies the impairment testing of exploration and evaluation assets.

IFRS 9

Financial Instruments: Recognition and Measurement presents the classification of financial assets & the business model in which an asset is held and applicable to business in all industry segments in general.

IFRS 10

Consolidated Financial Statements establishes the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.

IFRS 14

Regulatory Deferral Accounts allows an entity which is a first-time adopter of International Financial Reporting Standards to continue to account, with some limited changes, for 'regulatory deferral account balances' in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements.

IFRS 15

Revenue from Contracts with Customers applies to all contracts with customers.

IAS 2

Inventories contain the requirements on how to account for most types of inventory.

IAS 16

Property, Plant and Equipment establish the accounting treatment for most types of property, plant and equipment.

Importance of IFRS

The financial reporting standards become essential for global and international reporting because it is a source of generally equivalent statistics. It ensures economic efficacy and helps investors recognize chances and risks across the world to improve capital distribution. IFRS sends general guidelines for the footing of monetary statements.

So, it is essential in the following ways: -

To avoid material manipulation or errors in financial statements

Financial information is vulnerable to manipulation, differences in interpretation, errors or inadequate basis of estimates. In order to prevent these irregularities in the financial accounts, there should be a consistent way of deciding the measure and recognition and how financial information is presented in the financial statements.

To help in global harmonization

All companies have to deal with MNCs in different parts of the world. So a global accounting standard is necessary to get the credibility of the reports and to enhance trade and global economic growth. This will enable all the users to use the same standards to analyze the financial statements of any company.

To make correct decisions based on the financial statements

IFRS ensures that business activities are treated in a consistent manner or an explanation is given for the recognition. It is important that the explanation given for the recognition of financial items in the report can help users of financial statements make correct decisions.

Latest updates in the IFRS

Get a clear picture of the latest updates in the International Financial Reporting Standards.

IFRS 15 - Revenue from contracts with customers

IFRS 15 is an International Financial Reporting Standard addressed by the International Accounting Standards Board. It provides guidelines on accounting for revenue from contracts with customers. It became effective in January 2018.

The purpose of IFRS 15 is to create the values that business shall use to report valuable information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows coming out of a contract with a customer.

IFRS 15 Substitutes

IAS 11

Construction contracts

IAS 18

Revenue

IFRIC 13

Customer loyalty programs

IFRIC 15

Agreement for the construction of the real estate

IFRIC 18

Transaction of assets from customers

IFRS 16

IFRS 16 is an International Financial Reporting Standard addressed by the International Accounting Standards Board. It gives directions on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. IFRS 16 replaced the earlier leasing standard, IAS 17.

The effect of IFRS 16 standard:

It will ensure necessary transparency on companies’ lease, assets and liabilities.

It will improve comparability between companies that lease and those that borrow to buy.

IFRS 9 Financial Instruments:

IFRS 9 is an International Financial Reporting Standard issued by the International Accounting Standards Board (IASB). It reports about the accounting for financial instruments. The IAS 39 Recognition and Measurement is replaced with IFRS 9 standards.

IFRS 9 presents a rational approach to: -

the classiﬁcation of ﬁnancial assets, which is controlled by cash ﬂow characteristics

the business model in which an asset is held and applicable to business in all industry segments in general.

Assistance in the redrafting of IFRS accounting policies in line with changes in accounting standards or adoptions.

Training and knowledge transfer process

Why CDA Accounting & Bookkeeping Services LLC?

The execution of the new IFRS standards has been a huge task for companies in the UAE to adopt because many had not started the process early. It means that there is a lot of work to be done by the end of the year rather than throughout the period. It also necessitates a lot of work from the IT side. These new standards are causing a lot of unevenness in terms of both income statement and balance sheet arrangement.

CDA is a team of Big 4 experienced professionals who can offer a better IFRS advisory service for your business and make it follow the global standards to ensure that your business complies with the tax regulations and is free from all tax burdens.

In addition to providing IFRS advisory services in Dubai and UAE, CDA also efficiently handles CFO Services, Auditing Services, Accounting & Bookkeeping Services, Accounting Software services, Due Diligence Services, and Tax Filing & VAT Consultancy serviceson time according to the convenience of our good clients. Our customer-centric approach is well appreciated, and we promise a better than the best service to your business.

Need IFRS advisory service? Feel good to contact us. CDA is always there for your relief!

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Charles & Darwish Associates Accounting and Bookkeeping Services LLC is a central hub for all the Management Consultant Services you need in Dubai. From Advisory Services to Tax Auditing, we offer a wide variety of services to an inclusive clientele.